THE BLOCK: The U.S. Court of Appeals for the Sixth Circuit ruled against Kalshi in its fight with Ohio and Tennessee over sports-event contracts. The court found that Kalshi failed to show the contracts qualify as "swaps" under the Commodity Exchange Act and, even if they did, the CEA does not preempt state gambling laws.

Sep 25, 2026 · 8:25 PM UTC

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Replying to @TheBlockCo
this is another L government constantly going against gambling
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Replying to @TheBlockCo
Totally agree with this
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Replying to @TheBlockCo
states rights winning over federal definitions is the real story here betting markets need to navigate state by state laws now because the federal swap argument just hit a brick wall at the sixth circuit
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Replying to @TheBlockCo
This could set a meaningful precedent for how sports-event contracts are classified under the CEA.
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Replying to @TheBlockCo
Another court drawing the line between event contracts and state gambling laws
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